Crypto exchange Binance has begun blocking U.S. users from accessing its exchange platform.
The action comes more than a year after Binance first talked about in July 2019 that it would stop serving U.S. residents from September of that year.Until now, the exchange was still allowing U.S. users to access its platform. As a matter of fact, a U.S. resident just needed to click "I'm not American" to set up an account on Binance.com. It remains possible to create an account in this fashion.
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Binance is now sending emails to U.S. residents based on their IP addresses in what appears to be a significant step toward enforcing its previously announced blockade of such users. The company offers U.S citizens or residents to transfer funds within 90 days considering Binance U.S. or other U.S. platforms as ab option. The move comes soon after the U.S. government launched twin legal cases against crypto derivatives exchange BitMEX. The U.S. Department of Justice and the Commodity Futures Trading Commission recently charged BitMEX and its founders for violating know-your-customer (KYC) and anti-money laundering regulations.